[Congressional Record Volume 163, Number 192 (Monday, November 27, 2017)]
[Senate]
[Pages S7320-S7321]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                          Republican Tax Plan

  We could be working on all of these issues this week, but, instead, 
the majority is pursuing a partisan tax plan at a breakneck pace. Since 
the Republicans released their first draft of the tax bill a few weeks 
ago, we have had 1 week of markup in the Senate Finance Committee 
during which the bill shape-shifted on several occasions.

[[Page S7321]]

  Aside from the testimony of one representative from the Joint 
Committee on Taxation, the Senate hasn't heard from any expert witness 
in a hearing room. Can my colleagues believe that? A major tax bill in 
front of the American people, changing lives dramatically--no expert 
witnesses, except the JCT witness. And the bill is likely to change 
drastically again on the floor of the Senate, with little time for 
Senators of either party to grapple with the consequences.
  The Republicans are moving so fast, the Joint Tax Committee will not 
have time to produce a full analysis of the economic impact of the bill 
until after the bill is voted on. Is that backward--or what?
  The Republican tax bill will affect every taxpayer and business in 
America, and my colleagues will not know many of its impacts before 
they vote on it.
  Two things about this bill, however, seem certain. First, it will 
raise taxes on millions of middle-class families in every State of the 
Union. Second, it will explode the deficit. Every independent analysis 
of the Senate tax bill shows that millions of families making under 
$200,000 a year will eventually pay more, not less, in taxes under the 
Republican plan. The most recent Tax Policy Center analysis showed that 
about 60 percent of middle-class families--those making between $28,000 
and $155,000--would see a tax increase at the end of the day. Most 
middle-class families, by the time the 10-year window is up, will see a 
tax increase of 60 percent, according to the Tax Policy Center.
  While middle-class people are struggling--they either get a small 
decrease in taxes or an increase--folks making over $1 million a year 
will get an average tax cut of over $40,000--more than many Americans 
make in a whole year.
  The tax breaks for individuals all expire; the tax breaks for massive 
corporations are permanent. Because the individual mandate is repealed, 
the tax bill would cause 13 million fewer Americans to have health 
insurance; meanwhile, couples with estates worth over $11 million get a 
tax break.
  This bill is terrible for the country. It is a massive transfer of 
wealth to the already wealthy. It would exacerbate inequality and set 
the middle class back at the worst possible time.
  At the same time, it would increase the deficit by $1.5 trillion, at 
the very least. Some of my Republican friends are saying that future 
consequences will extend the middle-class tax breaks that are now set 
to expire. Well, that would increase the deficit even more 
significantly. You can't have it both ways. Either the bill socks it to 
the middle class or it blows a giant hole in the deficit--a ``Scylla 
and Charybdis.'' No one wants either. The tax bill gives us that awful 
choice.
  Some of my Republican friends say the tax bill will unleash such 
economic growth that the tax cuts will pay for themselves and the 
deficit will evaporate. It is curious to me that those same Republicans 
are rushing the bill so fast through the Joint Committee on Tax that it 
will not have time to assess the economic impact. Of course, they are 
afraid of what it will say. They know it is going to say nothing close 
to what our Republican optimists are predicting. According to a former 
JCT economist: ``There is good reason to expect the estimate of current 
legislation will show less than flattering growth affects.'' So one has 
to wonder: Are the Republicans afraid that the experts will find that 
the Republican promises of economic growth are pure fantasy? It sure 
seems that way.
  The majority shouldn't be ramming through such an ill-conceived, 
backward bill. They shouldn't be breaking all the traditions of this 
body--busting the deficit, hurting millions of middle-class families--
when there is so much potential agreement between our two parties on 
tax reform. We could come up with a good, bipartisan bill--not through 
reconciliation, through regular order--and we would all be the prouder 
for it.
  We Democrats want to lower middle-class taxes. We Democrats want to 
reduce the burdens on small businesses. We Democrats want to encourage 
companies to locate jobs here instead of shipping them overseas, and we 
want to do all of these things in a deficit-neutral way. Those thoughts 
probably have a majority on each side of the aisle. It is a shame that 
the Republican leadership has chosen reconciliation, which means no 
regular order, no hearings, no sunlight, and no Democratic input into 
the bill. If Republicans turn their backs on a deeply flawed approach--
and I plead with the handful who haven't committed yet--we can work 
together on bipartisan tax reform that delivers real relief for 
everyone in the middle class.